With 2001 coming to a close, I wanted to know the limits of investing in my employer's 401K and in a Traditional IRA. I want to reduce my taxes for this year as much as possible. My wife has a Trad. IRA too. Her previous employer had a Retirement Plan where they distribute an amount each year based on the profits of the Co. Recently, she was laid off from there, and we still need to move it to her Trad. IRA account at our local credit union. What are the $$$ limits each of us can contribute to these IRA's for 2001? I currently contribute 4% to my 401K. Less than 2,000 this past year. my wife did not contributer to her Retirement Acct. Thanks so much.
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